Multimodal Transportation Market for Chemical and Petroleum Industry in the US - Market Overview and Forecast| Technavio
Technavio’s latest market research report on the multimodal
transportation market for the chemical and petroleum industry in the US
provides an analysis of the most important trends expected to impact the
market outlook from 2018-2022. Technavio
defines an emerging trend as a factor that has the potential to
significantly impact the market and contribute to its growth or decline.
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Technavio has published a new market research report on the multimodal transportation market for chemical and petroleum industry in the US from 2018-2022. (Graphic: Business Wire)
According to Technavio analysts, the multimodal transportation market
for chemical and petroleum industry in the US will grow at a CAGR of
over 7% during the forecast period. The expansion in Panama Canal
driving container throughput in the US is a major factor driving the
market’s growth.
The US forms the largest market for tanker shipping, including
chemical/oil tankers, products tankers, chemical tankers, and crude oil
tankers. The increase in the shale gas production in the US is driving
the chemical and petroleum tanker shipping market in the region.
Besides, the expansion of the Panama Canal has also propelled the growth
of the chemical and petroleum shipments as large-sized vessels can pass
through the Panama Canal, thereby reducing the transit time and cost in
the transportation of crude oil and gas products.
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In this report, Technavio highlights the increasing use of ICT in
multimodal transportation as one of the key emerging trends driving the multimodal
transportation market for chemical and petroleum industry in the US:
Increasing use of ICT in multimodal
transportation
The oil and gas and chemical logistics markets are witnessing increased
demand for logistics vendors who provide end-to-end logistics solutions
along with value added services such as third-party logistics (3PL)
vendors. The value-added services provided by 3PL vendors include
grading, packing, an assortment of products, management information
system (MIS) services in the supply chain, and other legal formalities
necessary in the transportation process. Emerging technologies in the
logistics sector allow vendors to provide one-stop-solutions to
customers and gain traction in the market by increasing their market
share.
The market has been witnessing a trend in which shippers prefer contract
logistics providers who provide one-stop-solutions. The oil and chemical
companies outsource these logistics services to contract logistics
service providers to get the advantage of domain expertise. The use of
upgraded technologies in the logistics sector is expected to increase in
the coming years due to the growing demand for logistics services.
“Owing to the increased production and trade of petroleum and
chemicals in the US, the logistics process of these commodities has
become complex. Temperature monitoring and timely information are
required for time-sensitive chemicals. These complexities and
inefficiencies in transportation systems generate the need for efficient
information and communication technologies, which have been emerging as
a key enabler in the intermodal and multimodal transportation system,” says
a senior analyst at Technavio for research on logistics.
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Multimodal transportation market for chemical
and petroleum industry in the US – segmentation analysis
This market research report segments the multimodal transportation
market for chemical and petroleum industry in the US into the
following end-users (chemical industry and petroleum industry).
The chemical industry segment held the largest share of more than 59% of
the market in 2017 as chemicals are the largely produced and traded
commodity. Chemicals can be of different types such as specialty
chemicals, pharmaceutical chemicals, industrial chemicals, and
agriculture chemicals. Multimodal transportation is used for oil and
chemical transportation because it reduces the cost of transportation
and other operations and eases the supply chain operations.
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